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Dec 4, 2012
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the goal is not to get rid of the budget deficit. i don't think anyone who's involved in this process has a realistic hope of getting rid of the budget deficit. that they would love to get it down to a manageable level. when you talk about that, certainly opinions differ. you can make a big, big dent in the unmanageable part of the deficit with closing or reducing loopholes. >> host: do you expect to see them play a role in negotiation and talks? you mention how there is a group advocating for everyone of these deductions, people are used to getting them. could they end up on the chopping block? >> guest: they are on the table. republicans put them on the table and say we'd rather do this. but rather get rid of tax breaks that raise rates. in the end, you probably will see some of those. this is a process that will go on for the better part of the year. said during the process of negotiating a deal, you'll see some of those. >> host: john mckinnon is a reporter for "the wall street journal." we are talking about tax loopholes and ded
the goal is not to get rid of the budget deficit. i don't think anyone who's involved in this process has a realistic hope of getting rid of the budget deficit. that they would love to get it down to a manageable level. when you talk about that, certainly opinions differ. you can make a big, big dent in the unmanageable part of the deficit with closing or reducing loopholes. >> host: do you expect to see them play a role in negotiation and talks? you mention how there is a group...
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Dec 5, 2012
12/12
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a trade deficit that grew from $83 billion in 2001 to $295 billion in 2011, a deficit in auto parts alone that went from about $1 billion a decade ago to about $10 billion today. more recently, though, president obama stood up on china issues, on steel, which led to a new steel mill in youngstown, ohio, more steel jobs in cleveland and lorain, ohio, on tires which translated into more jobs in findlay, ohio. and also on aluminum, which meant more jobs. but our experience with china proves we must more closely monitor our trade partners' commitments before workers are injured by him. russia committed to lower tariffs on manufactured goods to ensure predictability by capping quota levels and to meet international standards on intellectual property rights. i'm pleased to see the legislation extending russia pntr includes enforcement measures much stronger than china pntr. several based on legislation i introduced earlier this year. by requiring u.s. trade representative to monitor russia's compliance with its w.t.o. obstacles, to publish an annual report to promote compliance and to establish
a trade deficit that grew from $83 billion in 2001 to $295 billion in 2011, a deficit in auto parts alone that went from about $1 billion a decade ago to about $10 billion today. more recently, though, president obama stood up on china issues, on steel, which led to a new steel mill in youngstown, ohio, more steel jobs in cleveland and lorain, ohio, on tires which translated into more jobs in findlay, ohio. and also on aluminum, which meant more jobs. but our experience with china proves we...
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Dec 6, 2012
12/12
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as it stand today, ow deficit and debt are unsustainable. last year we ran a budget deficit of well over $1 trillion and we now have a national debt that exceeds $16 trillion. if we don't get these numbers under control, interesting payments will inevitably skyrocket, taking up a larger and larger percentage of our budget, until they crowd out other critical pro-growth investments in our country's competitiveness and the essential social safety net that puts a circle of protection around the most vulnerable in our country. and, madam president, i don't believe either one of us wants to put those two vital things at risk venal whe. when the budget is so out of rick, we have to take a look at the money coming in and going out of the only way to get back on track is to address both sides of the equation -- revenue and spending. we have to find a balanced solution that combines tough spending cuts with reforms to our tax code that bring in more revenue while also ensuring fairness to taxpayers. there is, madam president, real momentum, i believe
as it stand today, ow deficit and debt are unsustainable. last year we ran a budget deficit of well over $1 trillion and we now have a national debt that exceeds $16 trillion. if we don't get these numbers under control, interesting payments will inevitably skyrocket, taking up a larger and larger percentage of our budget, until they crowd out other critical pro-growth investments in our country's competitiveness and the essential social safety net that puts a circle of protection around the...
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Nov 29, 2012
11/12
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[inaudible] with more trillion dollar deficits forecast in years to come. despite the extraordinary steps to do with a great recession, deficit as a share of the economy has actually decreased every year for the last three years. 10% of gdp in 2009, 7% gdp today. the source is not the democratic national committee, but "investor's business daily." they said believe that or not, the federal deficits smaller over the past three years and it hasn't any stretch since demobilization after world war ii. outside of the post-world war ii era, the on than the up deficit has fallen faster is when the economy we left in 1937, during the great depression into -- [inaudible] u.s. district offers, testing the speed limit of the fiscal consolidation does and backfire. >> i really go back to simpson-bowles. i think they had it right put. repeat, everything on the table. not only taxes, but spending cuts and entitlement reform. let me speak about each of them. first when it comes to revenue, so many people in the business community and outside have talked about simpson-bowl
[inaudible] with more trillion dollar deficits forecast in years to come. despite the extraordinary steps to do with a great recession, deficit as a share of the economy has actually decreased every year for the last three years. 10% of gdp in 2009, 7% gdp today. the source is not the democratic national committee, but "investor's business daily." they said believe that or not, the federal deficits smaller over the past three years and it hasn't any stretch since demobilization after...
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Dec 4, 2012
12/12
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and he ran on a plan by saying that those savings would then be aplayed to deficit -- applied to deficit reduction, which we know is so critical. and we saw what people thought about that. he was reelected by a wide margin. the american people want us to come together, to work together in a bipartisan way to reduce the deficit, and they support the approach that starts by making sure that middle-class families are not once again asked to pay for the full burden of what needs to be done. they support an effort that says, extend tax cuts for middle-class families and ask those at the very top, who have gotten extra tax cuts, to forego those and chip in to be part of the larger deficit reduction solution. unfortunately, yesterday, speaker boehner ignored this when he offered a republican counterproposal to the president's proposal that would essentially raise taxes on middle-class families and cut medicare for our senior citizens. as senator reid said yesterday, it flunks the test of balance. to get the kind of revenue to reduce the deficit that is needed, and that we all agree on has to be
and he ran on a plan by saying that those savings would then be aplayed to deficit -- applied to deficit reduction, which we know is so critical. and we saw what people thought about that. he was reelected by a wide margin. the american people want us to come together, to work together in a bipartisan way to reduce the deficit, and they support the approach that starts by making sure that middle-class families are not once again asked to pay for the full burden of what needs to be done. they...
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Nov 29, 2012
11/12
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without adding a dime to the deficit, by the way. in fact, if done right, tax reform will increase revenues by spurring growth, job creation and therefore bigger tax receipts. tax reform is both a fiscal and competitive necessity for our country. it has been more than 25 years since we substantially reformed the tax code. twice as long, about 50 years since we did a bottom-up review of our international tax laws. the world has changed a lot in that time period and yet america has not kept up. the underlying assumptions in our tax code are frankly out of step with the complexities of today's global economy. this is especially evident in our corporate tax code. on the domestic side of our corporate tax code, the u.s. has become the highest tax rate country among all the developed countries in the world. so canada just lowered their rate from 16.5% to 15%. our rate is 39.2% when you combine the state and federal burden. federal burden 35%. state burden closer to 5%, 6%. so right now, the average among all the developed countries in the
without adding a dime to the deficit, by the way. in fact, if done right, tax reform will increase revenues by spurring growth, job creation and therefore bigger tax receipts. tax reform is both a fiscal and competitive necessity for our country. it has been more than 25 years since we substantially reformed the tax code. twice as long, about 50 years since we did a bottom-up review of our international tax laws. the world has changed a lot in that time period and yet america has not kept up....
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Dec 4, 2012
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reduction, support adding to the deficit with high-end tax cuts. in rhode island at least, those are lousy priorities when it comes to deficit reduction. we should let the tax cuts at the top expire for reasons also of fairness. loopholes and special provisions allow many super high income earners to pay lower tax rates than many middle-class families. according to the nonpartisan congressional research service, 65% of individuals earning a million dollars or more annually pay taxes at a lower rate than median income taxpayers making $100,000 or less. 65%, nearly two-thirds, of individuals earning over a million dollars a year actually pay a lower tax rate than median income taxpayers do. that is a tax system that has turned upside-down and needs to be fixed. earlier this year, a majority of senators voted to advance my "paying a fair share act," the buffett rule bill to ensure that multimillionaire earners pay at least a 30% effective federal tax ray. the rate they're supposed to pay is 35% under the income tax laws but because of all these loopho
reduction, support adding to the deficit with high-end tax cuts. in rhode island at least, those are lousy priorities when it comes to deficit reduction. we should let the tax cuts at the top expire for reasons also of fairness. loopholes and special provisions allow many super high income earners to pay lower tax rates than many middle-class families. according to the nonpartisan congressional research service, 65% of individuals earning a million dollars or more annually pay taxes at a lower...
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Dec 5, 2012
12/12
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we went into deficits, deficits as far as the eye could see. deeper and deeper in debt. so you might ask, then, "senator boxer, why are you now supporting those tax cuts being renewed for 98% of the people?" and the answer is, it's a different time and a different place. we're getting out of a recession and we can make up the moneys we need to balance this budget by going just to the top rate, going to the people over $250,000. remember, this plan that we passed in july -- if we could go back to that chart -- that gives a tax break on the first $250,000 of income. and, in essence, giving everybody a tax break on that first $250,000. it's only after that that the taxes go back to clinton era. and because this is a different time and place, i support giving a tax break, continuing it for 98%, but asking the wealthiest to pay their fair share for the greatest country on the face of this earth. my father was born into dire poverty. he was the only one of nine children born in america. he was the only one of nine children to go to college at night in your great state, madam p
we went into deficits, deficits as far as the eye could see. deeper and deeper in debt. so you might ask, then, "senator boxer, why are you now supporting those tax cuts being renewed for 98% of the people?" and the answer is, it's a different time and a different place. we're getting out of a recession and we can make up the moneys we need to balance this budget by going just to the top rate, going to the people over $250,000. remember, this plan that we passed in july -- if we could...
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Dec 4, 2012
12/12
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situation with respect to our deficit and debt is a national security liability. we need our senior leadership. we need a senior leadership to take it on. we have an opportunity to do so. we have a requirement to do so. at the foundation of national power is ultimately economic comment and in terms of global influence, in terms of the ability to support a military, the economic is foundation. and we have i think the united states, both an opportunity to require it to get our house in order, and i believe that our 100 senators and members of the house will step up on this and sufficient majority in the coming months. >> how do you look at your surplus of the u.s.? does that say we have america under our control? >> we are one of the closest allies of the united states. so of course our position today to united states is very, very decisive, strengthen our relationship. so these are not, there is no intention for us to try to use this kind of economic relationship in different context. so we are very satisfied with the current relationship with the united states. th
situation with respect to our deficit and debt is a national security liability. we need our senior leadership. we need a senior leadership to take it on. we have an opportunity to do so. we have a requirement to do so. at the foundation of national power is ultimately economic comment and in terms of global influence, in terms of the ability to support a military, the economic is foundation. and we have i think the united states, both an opportunity to require it to get our house in order, and...
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Dec 7, 2012
12/12
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we have even published her own study on the deficit, copies of which are available here today. we look forward to continuing this conversation, keeping the dialogue ongoing over the next month and it's critical and we want to solve this problem and we think it will be very enlightening on what the issues are. with that i'm going to turn it over to you in the panel. thank you very much. >> can everybody hear? [inaudible] we do have an all-star panel. tim pawlenty the former governor of minnesota, i wrote that i thought he would have made the strongest presidential candidate. tim is now the head of the financial services roundtable, a job he took a month or two ago and he will be a huge player in washington. chris i have to say, first of all you kept two-thirds of your own district but your margins didn't go down at all. maybe a little bit. i know the county, one county represents for my son as and let's just say -- is a liberal but he did an incredible job. two senators now and on mars reminded when bob dole left the house to go to the senate, the single act -- [inaudible] bob c
we have even published her own study on the deficit, copies of which are available here today. we look forward to continuing this conversation, keeping the dialogue ongoing over the next month and it's critical and we want to solve this problem and we think it will be very enlightening on what the issues are. with that i'm going to turn it over to you in the panel. thank you very much. >> can everybody hear? [inaudible] we do have an all-star panel. tim pawlenty the former governor of...
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Nov 30, 2012
11/12
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the amounts that are in the budget control act are counted as it relates to dealing with our deficit. and unfortunately, this is not offset. and over the next decade violates the budget by $7 billion. so for that reason, mr. president, the pending measure, amendment number nelson 3073 to s. 3254, the national defense reauthorization act, would cause the underlying legislation to exceed the authorizing committee section 302-a allocation of the new budget authority or outlays. therefore, i raise a point of order against the measure pursuant to section 302-f of the congressional budget act of 1974. and i encourage all of us who want to solve this problem before year end to vote with me. thank you. mr. nelson: mr. president in. the presiding officer: the senator from florida is recognized. mr. nelson: i move to waive and ask for the yeas and nays. the presiding officer: is there a sufficient second? there appears to be. the clerk will call the roll. vote: vote: vote: the presiding officer: are there any senators wishing to vote or to change their vote? seeing none, on this vote, the yeas
the amounts that are in the budget control act are counted as it relates to dealing with our deficit. and unfortunately, this is not offset. and over the next decade violates the budget by $7 billion. so for that reason, mr. president, the pending measure, amendment number nelson 3073 to s. 3254, the national defense reauthorization act, would cause the underlying legislation to exceed the authorizing committee section 302-a allocation of the new budget authority or outlays. therefore, i raise...
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Nov 30, 2012
11/12
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congress and the white house in 1990 were facing automatic budget short cuts and large projected deficits. president george h. w. bush in the breaking his taxes pledge in order to get a deal with house and senate democrats. as amihai and paul pos mur the director of the administration program at george mason university and i want to welcome you to the session which we are calling looking back to move forward the 1990 budget summit revisited co-sponsored by george mason university and the bipartisan policy center. it's our pleasure to put this on and recognize with all the frenzy about the fiscal cliff that we have a history and some of that history is successful in resolving the deep seated choices within the budgeting. that is what we are going to look back and talk about today and see whether we can learn any lessons from that experience. we will go over the detailed program and a few minutes but i want first to introduce our keynote speaker tom davis many of you know and most of you know tom. thomas somebody i call a academic. he's covered many bases and was the county executive for fa
congress and the white house in 1990 were facing automatic budget short cuts and large projected deficits. president george h. w. bush in the breaking his taxes pledge in order to get a deal with house and senate democrats. as amihai and paul pos mur the director of the administration program at george mason university and i want to welcome you to the session which we are calling looking back to move forward the 1990 budget summit revisited co-sponsored by george mason university and the...